Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 4 – INVENTORIES

 

At September 30, 2019 and December 31, 2018, inventories consisted of the following: 

 

    September 30,
2019
    December 31,
2018
 
Frozen fish and marine catches in warehouse   $ 513,716     $ 5,910,381  
Frozen fish and marine catches work in progress     19,282,872       -  
Frozen fish and marine catches in transit     1,499,030       343,719  
      21,295,618       6,254,100  
Less: reserve for inventories     (42,138 )     (413,893 )
    $ 21,253,480     $ 5,840,207  

 

An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserve for the difference between the cost and the market value. These reserves are recorded based on estimates.